– So, far, over $100 million (Sh9.8 billion) has been invested on the Tatu City project, which has fallen behind schedule by about four years.
– Despite a series of court cases bedevilling the firm, Mr Jennings noted that the firm is at a very advanced stage on a number of big housing joint ventures which would be announced over the next few months.
– Tatu City is aligned with the vision of the Nairobi Metro 2030 Strategy, and part of Kenya Vision 2030. It is a 2,500 acres mixed-use and mixed income environment, poised to make a significant contribution to Kenya’s renewed growth in economic and social development. Once complete, it will be a large-scale urban development consisting of residential, commercial, industrial, tourism, social and recreation amenities.
Majority shareholders in the multi-billion shilling Tatu City project have vowed not to give up plans to develop the project despite bitterly falling out with local partners.
According to Stephen Jennings, founder and chief executive officer of Rendeavour, a company that holds 99.8 per cent stake in the project, said the firm has filed criminal charges against a local shareholder on allegations of stealing land worth Sh9 billion from the developer.
“We are very confident the criminal charges are going to be made against everybody involved in the conspiracy to steal the land,” Mr Jennings, said.
So, far, over $100 million (Sh9.8 billion) has been invested on the Tatu City project, which has fallen behind schedule by about four years.
Despite a series of court cases bedevilling the firm, Mr Jennings noted that the firm is at a very advanced stage on a number of big housing joint ventures which would be announced over the next few months.
“Some of those will involve between 1,000 and 5,000 units. Most of the roads have been graded, the water and the sewage lines are being developed and we are connecting high voltage electricity,” he said, of the Kiambu-based project that sits upon 1,000 hectares of land.
Tatu Industrial Park launched its outdoor advertising with a strategically placed billboard in Nairobi’s congested industrial area, where traffic chokes roads and commerce every day.
The billboard highlights the unique location of Tatu Industrial Park just a few kilometers from the Thika highway and the Eastern & Northern bypasses.
Feedback from the billboard has been very positive, and business owners caught in traffic in the industrial area were excited to hear that Tatu Industrial Park is only 20 minutes away from the back gate of Runda in Nairobi.
If you are tired of traffic, then the project owners suggest you move your businesses to Tatu Industrial Park!
Jennings also revealed the full story of Tatu City, including the attempts by minority shareholders to thwart the project and extort Rendeavour’s investors (wich is very common in Kenya, and instead of al benefiting from projects, they rather kill it, some business people have to grow up). Jennings noted that any project of the size and scale of Tatu City will have legal challenges, and he remains confident that the spurious legal cases filed against Tatu City’s majority owners will be dismissed or decided in their favour. None of Rendeavour’s other real estate developments – in Nigeria, Ghana, Democratic Republic of Congo and Zambia – face the challenges of Tatu City, Jennings said, encouraging business leaders and the young generation of Kenya to ensure continued economic growth by demanding improvements to Kenyan government institutions. The session was followed by cocktails sponsored by Tatu City partners Maxam, distributor of Heineken in Kenya and a future resident of the Tatu Industrial Park, and Leleshwa wines and Out of Africa nuts, owned by Tatu City Limited board director and prominent businessman Pius Ngugi.